If you have a child with Special Needs, you must ask yourself “who will take care of them when I am no longer able?” When answering that question, you will need to:
- Determine the dangers facing your child and how to deal with them within your estate plan
- Ensure you have sufficient resources to care for them for their entire life
- Identify the support team that will fill your shoes
Planning for the future care of a Special Needs child involves a proper estate plan, a set of caregiver instructions, and an adequate funding plan. You will want to ensure that your planning is aimed at protecting your loved one, maintaining control of your money, and effectively conveying your desires and goals.
How do you accomplish all of this? Well, you simply need to get organized (Learn how here). First, you must create a set of Caregiver Instructions that will outline your goals and summarize who your loved one is. Next, you will need to visit with a trusted estate planning attorney that understands and knows Special Needs Trusts inside and out. Finally, you will need to talk to a trusted financial planner that can help you determine your future funding needs.
Please call a Golden Financial Services Advisor if you have questions or need some help getting started.